Japan lowers gasoline subsidy to 20.3 yen/liter

Author of the article: TOKYO — Japan cut its gasoline subsidy for oil distributors to 20.3 yen ($0.16) a liter for the seven days from April 14, down from 20.7 yen a week earlier, the industry ministry said on Wednesday. Japan implemented a temporary subsidy program in January to mitigate high fuel prices after tight…
Japan lowers gasoline subsidy to 20.3 yen/liter

Author of the article:

TOKYO — Japan cut its gasoline subsidy for oil distributors to 20.3 yen ($0.16) a liter for the seven days from April 14, down from 20.7 yen a week earlier, the industry ministry said on Wednesday.

Japan implemented a temporary subsidy program in January to mitigate high fuel prices after tight global supplies increased crude prices. Russia’s invasion of Ukraine that began on Feb. 24 added to the price pressure.

The program was extended until the end of April from an earlier plan for it to end a month earlier, and the ceiling on the subsidy was raised to 25 yen a liter in March from 5 yen.

The government sets the subsidy amount every week if the retail price of gasoline exceeds a threshold of 170 yen.

Monday’s retail price was 174.0 yen, the ministry said, marking the first weekly drop in two weeks. ($1 = 126.0500 yen) (Reporting by Yuka Obayashi; editing by Barbara Lewis)

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Titanium Transportation Announces Voting Results of Annual and Special Meeting of Shareholders
Read More

Titanium Transportation Announces Voting Results of Annual and Special Meeting of Shareholders

Author of the article: BOLTON, Ontario, May 25, 2022 (GLOBE NEWSWIRE) — Titanium Transportation Group Inc. (“Titanium” or the “Company”) (TSX VENTURE:TTR), a leading provider of transportation and logistics services throughout North America, is pleased to announce that all of the nominees listed in the Company’s Management Information Circular for the Annual and Special Meeting…
Output at Kazakhstan’s Tengiz oilfield gradually being restored-Chevron
Read More

Output at Kazakhstan’s Tengiz oilfield gradually being restored-Chevron

This advertisement has not loaded yet, but your article continues below. Author of the article: Article content LONDON — Kazakhstan’s largest oil venture Tengizchevroil (TCO) is gradually increasing production to reach normal rates at the Tengiz field after protests limited output there in recent days, operator Chevron said on Sunday. (Reporting by Ron Bousso; Editing…
Ukraine c.bank keeps key rate unchanged at 25% as war rages on
Read More

Ukraine c.bank keeps key rate unchanged at 25% as war rages on

Author of the article: KYIV — Ukraine’s central bank kept its main interest rate unchanged at 25% on Thursday, saying that inflationary pressure remained high and that an extended full-scale war with Russia was the key economic risk. In a statement, the central bank said inflation had been slightly slower than its earlier forecast and…